Reviews: Jack Schwager, Market Wizards

One of the most important things you learn as a trader is that we can give the best system in the world to a mediocre or losing trader, and the results will be pitiful. On the other hand, we can take an average system or even a system that’s below average and give it to a good trader, and the results will be positive.

Given the ready availability of system testing and development programs, there are no issues with regard to determining what constitutes a good system. All of that is a question of numbers. On the other hand the issue of determining what constitutes a good trader is a far less objective process that consists of many different features.

One way in which we can develop winning behaviors is by studying the behavior of winning traders. That much is obvious. However, finding those traders is an exceedingly difficult task both from the standpoint of the actual process involved in finding them but more so in getting them to cooperate for one-on-one interviews. Jack Schwager, Market Wizards book has achieved this momentous task skillfully, thoroughly, and insightfully. There are very few books that merit the high praise and consistently positive interviews that Jack’s book has received. I highly recommend it.